October 14, 2010
SEC Publishes Text of Proposed Reg MC
In accordance with Section 765 of the Dodd-Frank Act, the SEC is proposing Regulation MC for clearing agencies that clear security-based swaps (“security-based swap clearing agencies”) and for security-based swap execution facilities (“SB SEFs”) and national securities exchanges that post or make available for trading security-based swaps (“SBS exchanges”). Regulation MC is designed to mitigate potential conflicts of interest that could exist at these entities. Specifically, the Commission seeks to mitigate the potential conflicts of interest through conditions and structures relating to ownership, voting, and governance of security-based swap clearing agencies, SB SEFs, and SBS exchanges.
Comments are due 30 days after publication in the Federal Register.
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